Group 1: SSD Interface and VPD Chip Demand - The evolution of SSD interface technology has transitioned from PATA and SATA to PCIe and NVMe, with SATA becoming a bottleneck as NAND flash technology advanced [1] - The introduction of VPD chips with temperature sensing capabilities is essential for dynamic thermal management and operational monitoring of SSD modules under high load scenarios [1] - VPD chip communication interfaces are evolving from traditional I2C to faster and more stable I3C, significantly enhancing data transmission efficiency and reliability [1] Group 2: DDR5 SPD Market Growth - The demand for DDR5 SPD chips is driven by the urgent need for computational power in AI model training and inference, with AI servers typically requiring over 20 DDR5 memory modules, about twice that of traditional servers [2] - The potential replacement of LPDDR5X onboard memory with LPCAMM2 memory modules is expected to further boost market demand for DDR5 SPD chips [2] - The company has nearly two decades of experience in producing DDR memory module SPD chips and has established a significant technological advantage in the DDR2/3/4/5 SPD chip market [2] Group 3: Automotive EEPROM Market Share - The company has become the only domestic supplier of mature, series-produced automotive-grade EEPROM chips, capitalizing on the "chip shortage" in the automotive electronics sector from 2020 to 2022 [3] - The company has successfully expanded into key overseas markets, including Europe, the US, Japan, South Korea, and ASEAN, increasing its market share by supplying automotive-grade EEPROM chips to leading Tier 1 automotive electronics suppliers [3] - The company is also addressing the demand for automotive-grade NOR Flash chips by providing combined product solutions, successfully integrating these chips into mainstream automotive brands [3] Group 4: Financial Projections - The company is projected to achieve revenues of 1.38 billion, 1.80 billion, and 2.32 billion yuan from 2025 to 2027, with net profits of 451 million, 626 million, and 860 million yuan respectively [4]

证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |维持 个股表现 2024-09 2024-12 2025-02 2025-05 2025-07 2025-09 0% 21% 42% 63% 84% 105% 126% 147% 168% 189% 聚辰股份 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 131.96 | | --- | --- | | 总股本/流通股本（亿股）1.58 | / 1.58 | | 总市值/流通市值（亿元）209 | / 209 | | 52 周内最高/最低价 | 131.96 / 47.23 | | 资产负债率(%) | 6.2% | | 市盈率 | 71.72 | | 第一大股东 | 上海天壕科技有限公司 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 聚辰股份(688123) VPD 驱动新增长 l 投资要点 SSD 接口升级驱动 VPD 芯片的需求与技术迭代。SSD 接口技术经 历了从 PATA、SATA 到 PCIe 和 NVMe 的演变，早期的 SA ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by more than 15% in the next six months [3][20]. Core Views - The company has shown steady growth in performance for the first half of 2025, with revenue reaching 575 million yuan, a year-on-year increase of 11.69%, and a net profit of 205 million yuan, up 43.50% year-on-year [1][2]. - The growth is attributed to the successful sales of high-value products such as DDR5 SPD chips and automotive-grade EEPROM chips, which have effectively countered the decline in traditional business due to fluctuations in consumer electronics demand [2][7]. - The company's gross margin improved to 60.25%, up 5.55 percentage points year-on-year, while the net profit margin reached 34.45%, an increase of 7.69 percentage points year-on-year, indicating enhanced profitability [2]. Financial Summary - Revenue projections show a steady increase from 703 million yuan in 2023 to 2,364 million yuan in 2027, with growth rates of -28.2% in 2023, 46.2% in 2024, and continuing strong growth thereafter [1][12]. - Net profit is expected to rise from 100 million yuan in 2023 to 863 million yuan in 2027, with significant year-on-year growth rates, particularly 189.2% in 2024 [1][12]. - The company's return on equity (ROE) is projected to improve from 4.3% in 2023 to 20.8% in 2027, reflecting increasing efficiency in generating profits from equity [1][12]. Market Position and Product Development - The company is one of the few in the industry with capabilities in both industrial-grade and automotive-grade storage chip design, covering a wide range of capacities [2][7]. - The sales and revenue of automotive-grade storage chips and high-performance industrial-grade storage chips have seen rapid growth, contributing significantly to the company's overall business [2][7]. - The demand for DDR5 SPD chips is driven by the increasing penetration of DDR5 memory modules in AI servers, which require more memory than traditional servers, thus providing a new growth impetus for the company [8].

Group 1 - Core conclusion for 汇顶科技 (603160.SH): The company is a global leader in fingerprint sensors, with strong growth potential across its four core businesses: sensing, AI computing, connectivity, and security. Revenue projections for 2025-2027 are 55.24 billion, 65.8 billion, and 78.4 billion CNY, with net profits of 8.56 billion, 10.78 billion, and 12.68 billion CNY respectively [1][9] - In the first half of 2025, 汇顶科技 achieved revenue of 22.51 billion CNY, a slight decrease of 0.2% year-on-year, while net profit increased by 35.7% to 4.31 billion CNY. The gross margin was 43.3% and net margin was 19.1% [6][7] - The company launched several new products, including a new light sensor and enhanced NFC solutions, which are expected to drive growth during the upcoming consumer electronics peak season [8][9] Group 2 - Core conclusion for 聚辰股份 (688123.SH): The company is experiencing significant growth in its DDR5 SPD and automotive-grade EEPROM products, with revenue projections for 2025-2027 at 13.09 billion, 17.95 billion, and 24.03 billion CNY, and net profits of 4.42 billion, 6.32 billion, and 8.67 billion CNY respectively [2][13] - In the first half of 2025, 聚辰股份 reported revenue of 5.75 billion CNY, an increase of 11.69% year-on-year, and net profit of 2.05 billion CNY, up 43.50%. The gross margin improved to 60.25% [11][12] Group 3 - Core conclusion for 芒果超媒 (300413.SZ): The company maintains stable performance in its 芒果 TV platform, with revenue projections for 2025-2027 at 14.47 billion, 15.10 billion, and 18.95 billion CNY, reflecting year-on-year growth of 6%, 4%, and 25% respectively [3][16] - In the first half of 2025, 芒果超媒 achieved revenue of 59.64 billion CNY, a decrease of 14.31% year-on-year, with net profit of 7.63 billion CNY, down 28.31%. The company is focusing on content investment to enhance user engagement [15][16] Group 4 - Core conclusion for 特宝生物 (688278.SH): The company is experiencing high growth in its product pipeline, particularly with 派格宾, and is actively expanding its early-stage innovative pipeline. Revenue projections for 2025-2027 are 36.96 billion, 49.38 billion, and 64.70 billion CNY, with net profits of 10.91 billion, 14.42 billion, and 18.98 billion CNY respectively [4][20] - In the first half of 2025, 特宝生物 reported revenue of 15.1 billion CNY, a growth of 27.0%, and net profit of 4.3 billion CNY, up 40.6% [18][19] Group 5 - Core conclusion for 华峰化学 (002064.SZ): The company is projected to achieve stable long-term growth despite a decline in revenue in the first half of 2025. Revenue projections for 2025-2027 are 277.84 billion, 293.43 billion, and 305.67 billion CNY, with net profits of 21.33 billion, 28.64 billion, and 31.46 billion CNY respectively [29][31] - In the first half of 2025, 华峰化学 reported revenue of 121.37 billion CNY, a decrease of 11.70%, and net profit of 9.83 billion CNY, down 35.23% [29][30]

Core Viewpoint - The company demonstrates long-term growth potential driven by high-value products such as DDR5 SPD chips, automotive-grade EEPROM chips, and high-performance industrial-grade EEPROM chips, which have mitigated the impact of declining consumer electronics demand on traditional business performance [1][2]. Group 1: Business Performance - In H1 2025, the company's revenue reached 570 million yuan, representing a year-on-year increase of 11.7%, while net profit attributable to shareholders was 210 million yuan, up 43.5% year-on-year, with a gross margin of 60.3%, an increase of 5.6 percentage points [1]. - The growth in revenue and profit is primarily attributed to the increased shipment of high-value products, effectively countering the decline in traditional business performance due to reduced consumer electronics demand [1]. Group 2: DDR5 SPD Chip Market - The company holds a leading position in the DDR5 SPD chip market, which is essential for various applications including personal computers and AI servers, with the global market for DDR5 SPD chips expected to grow as new applications emerge [1]. - The company collaborates with Longsys Technology to enhance its market presence in the DDR5 SPD chip segment [1]. Group 3: Automotive Electronics - The company is the only domestic supplier capable of providing a full range of automotive-grade EEPROM chips and NOR Flash products, actively expanding into key overseas markets [2]. - The sales and revenue from automotive-grade EEPROM and NOR Flash products are rapidly increasing as the company gains recognition from mainstream customers [2]. Group 4: NOR Flash Product Development - The company has developed a comprehensive range of low-power SPI NOR Flash chips, with significant supply to various applications including AMOLED screens and security monitoring [3]. - As the company continues to enhance its product offerings and market promotion efforts, the NOR Flash business is expected to experience sustained growth [3]. Group 5: Profit Forecast and Valuation - Revenue projections for the company from 2025 to 2027 are 1.33 billion, 1.79 billion, and 2.19 billion yuan, with year-on-year growth rates of 29.7%, 34.0%, and 22.7% respectively [4]. - Net profit forecasts for the same period are 460 million, 640 million, and 760 million yuan, with year-on-year growth rates of 57.1%, 39.4%, and 20.0% respectively, indicating strong future performance [4].

Investment Rating - The investment rating for the company is "Buy" [5][10]. Core Insights - The company reported a revenue of 575 million yuan for the first half of 2025, representing a year-on-year increase of 11.69%, and a net profit attributable to shareholders of 205 million yuan, up 43.50% year-on-year. The gross margin and net margin were 60.25% and 34.45%, respectively, reflecting increases of 5.55 and 7.69 percentage points year-on-year [1][5]. - The growth in high-value-added products, particularly DDR5 SPD chips and automotive-grade EEPROM chips, has significantly boosted the company's profit margins. The increase in shipment volumes of these products has been a key driver for the company's revenue expansion and profitability improvement [1][2]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 575 million yuan, with a year-on-year growth of 11.69%. The net profit attributable to shareholders was 205 million yuan, marking a 43.50% increase year-on-year. The gross margin improved to 60.25%, and the net margin reached 34.45%, both showing significant year-on-year increases [1][5]. Market Development - The DDR5 SPD market is entering a rapid growth phase, driven by the increasing global demand for servers and personal computers, as well as the rise of AI servers and AI PCs. This dual demand is expected to propel the DDR5 SPD market forward [2]. - The company is the only domestic provider of mature, serialized automotive-grade EEPROM chips, successfully integrating its products into the supply chains of leading global automotive Tier 1 suppliers. This positions the company favorably in the automotive storage chip market [2]. Product Innovation - The company has made significant progress in developing closed-loop and optical image stabilization drive chips, enhancing its product line's competitiveness and profitability. Several optical image stabilization drive chips have already been commercialized in mid-to-high-end smartphone models from major industry players [3]. Future Projections - Revenue projections for the company are estimated at 1.309 billion yuan for 2025, 1.795 billion yuan for 2026, and 2.403 billion yuan for 2027. Net profits are expected to be 442 million yuan, 632 million yuan, and 867 million yuan for the same years, respectively [3][4].

Investment Rating - The report maintains a "Buy" rating for the company [6][4]. Core Views - The company achieved a revenue of 575 million RMB in 1H25, representing a year-over-year increase of 11.69%, and a net profit of 205 million RMB, up 43.50% year-over-year [1][2]. - In 2Q25, revenue reached 314 million RMB, reflecting a year-over-year growth of 17.32% and a quarter-over-quarter increase of 20.20% [1][2]. - The growth in automotive and industrial EEPROM, as well as DDR5 SPD shipments, has offset the negative impact from weak consumer electronics demand [2][3]. - The gross margin improved by 5.55 percentage points year-over-year in 2Q25, reaching 60.25% [2][3]. - The company expects continued growth in DDR5 SPD and automotive EEPROM/NOR Flash throughout the year, with the introduction of OIS voice coil motor driver chips into mainstream high-end smartphones contributing to additional revenue [1][4]. Summary by Sections 1H25 Review - The company experienced rapid growth in DDR5 SPD chips, automotive EEPROM chips, and high-performance industrial-grade chips, which mitigated the decline in traditional business performance due to fluctuations in consumer electronics demand [2]. - The overall expense ratio for 1H25 was stable at 26.43%, compared to 26.20% in the same period last year [2]. - R&D expenses increased by 24.96% year-over-year to 103 million RMB, focusing on new product development [2]. 2H25 Outlook - The business focus will remain on DDR5 SPD, automotive-grade, and industrial control EEPROM, which are expected to drive revenue growth [3]. - The report anticipates significant growth in automotive EEPROM shipments, aligning with the company's global market share in consumer electronics [3]. - Despite the expected high gross margin, ongoing price competition in traditional EEPROM and open-loop voice coil motor driver chip products may pose challenges [3]. Profit Forecast and Valuation - The report forecasts net profits of 471 million RMB, 648 million RMB, and 870 million RMB for 2025, 2026, and 2027, respectively [4]. - The target price is set at 104.70 RMB, based on a 35x PE for 2025 [4][8].

Core Insights - Juchen Semiconductor Co., Ltd. reported a significant increase in revenue and net profit for the first half of 2025, achieving operating income of 574.9 million yuan, a year-on-year growth of 11.69%, and a net profit attributable to shareholders of 205 million yuan, up 43.50% [1] - The company’s basic earnings per share reached 1.30 yuan, reflecting a 42.86% increase, while the weighted average return on equity improved by 1.85 percentage points to 8.92% [1] Financial Performance - In the first half of 2025, Juchen Semiconductor's R&D investment amounted to 103 million yuan, a 25% increase, representing 17.86% of operating income, marking a historical high [2] - The net cash flow from operating activities was 149 million yuan, a decline of 10.55% year-on-year, primarily due to increased inventory and extended customer payment terms [2] - As of the end of the first half, total assets reached 2.45 billion yuan, a 6.30% increase, while net assets attributable to shareholders grew by 7.80% to 2.377 billion yuan [2] Product Development and Market Strategy - The company has focused on high-value markets, with significant growth in shipments of DDR5 SPD chips, automotive-grade EEPROM chips, and high-performance industrial-grade EEPROM chips, which have driven revenue and profit [1] - Juchen Semiconductor successfully entered the supply chain of several leading global automotive electronics Tier 1 suppliers with its automotive-grade NOR Flash chips, enhancing its competitiveness in the automotive market [1] - The company is pursuing a "high value + differentiation" product strategy, actively expanding into long-cycle markets such as automotive electronics, industrial control, and high-end storage [2]